ABOVE: Concept art for Allavita at EXPO Milano 2015, a Cirque du Soleil production.
Montreal, QB, Canada (April 20, 2015) — Cirque du Soleil (“Cirque”), one of the world’s leading producers of high-quality live artistic entertainment, today announced an agreement under which TPG, a global private investment firm, will acquire a majority stake in Cirque du Soleil to fuel growth and take Cirque’s iconic blue and yellow big top to exciting new markets.
Cirque du Soleil’s Founder, Guy Laliberté, will maintain a stake in the business and will continue to provide strategic and creative input to the company. Fosun, one of China’s leading privately-owned investment groups, will acquire a minority stake in Cirque du Soleil via a fund under its management, and together the firms will work with the company to launch and expand in China. In addition, Caisse de dépôt et placement du Québec (the “Caisse”) will also acquire a minority interest in the company. Québec businessman Mitch Garber, who has strong business ties to TPG, will also be part of the investor group. Mr. Garber will become Chairman of Cirque du Soleil, adding valuable expertise and a strong Montréal-community presence to the board of directors. No financial terms of the transaction were disclosed.
“After 30 years building the Cirque du Soleil brand, we have now found the right partners in TPG, Fosun and the Caisse to take Cirque du Soleil forward to the next stage in its evolution as a company founded on the conviction that the arts and business, together, can contribute to making a better world,” said Guy Laliberté. “Just as importantly, I am thrilled that the investors have demonstrated such a strong commitment to Cirque’s unique Québec cultural heritage and the creativity and imagination of our people.”
“We are excited about the opportunity to bring our global platform of resources and know-how to propel the growth of Cirque’s unique brand, content and capabilities around the world,” said David Trujillo, partner at TPG. “We are inspired by Guy Laliberté’s imagination and vision, and look forward to working with him and his talented team, as well as the vibrant Montréal creative community.”
Mitch Garber added, “Guy has built one of the most extraordinary companies in the world. I have worked with TPG for many years and know they are the perfect partners to take this business forward. Cirque is a great source of pride for all Québecers and we intend to continue to make them proud.”
Guo Guangchang, Chairman of Fosun said, “To date, Fosun has established a global prototype for platforms that capture lifestyle trends in China. Building on top of this model, we have an objective to become one of the global leaders in businesses driven by lifestyle needs, which are quickly taking root in China. The performances of Cirque are very attractive and are a standard bearer for the quality content expected by global citizens. We have known Cirque and TPG’s team for quite some time so we respect their cultural heritage. We envisage deeper cooperation with Cirque and are excited to have Cirque as a major new growth platform within our lifestyle services and content portfolio.”
Guy Laliberté and his team have grown Québec-based Cirque du Soleil into one of the world’s largest and most well-recognized entertainment brands, touching 150 million spectators worldwide. As part of the agreement, Cirque du Soleil’s talented team will remain in place and TPG has made binding commitments to ensure that the headquarters and the creative activities of Cirque du Soleil will remain in Montréal, a community that has always been at the heart of Cirque’s success. Daniel Lamarre will remain as Cirque’s President and CEO.
Michael Sabia, President and CEO of the Caisse, added: “This is an important moment in the history of the Cirque. Today, we are partnering with the company as it seeks to conquer new markets. We are confident that TPG, alongside Fosun, has all the expertise to expand the Cirque’s global presence. We are pleased that this new era of growth will be directed from Montreal, the Cirque’s decision-making and creative center, under the direction of Daniel Lamarre, CEO.”
“Our partners believe in Cirque du Soleil’s extraordinary artistic vision, and together, we will nurture that vision and take it to new heights,” said Daniel Lamarre, President and CEO of Cirque du Soleil. “TPG’s track record of helping legendary brands deliver powerful experiences, Fosun’s expertise in China and the Caisse’s homegrown financial strength are a powerful combination that will fuel new growth in our business.”
TPG is one of the world’s leading private investment firms, with its largest office in San Francisco. The firm has a successful track record of growing legendary brands that deliver unique consumer experiences, such as Beringer, Chobani, Ducati, Fender, J.Crew and Neiman Marcus. The firm’s focus on Internet and media investments, including Creative Artists Agency (CAA), Lynda.com, RentPath, STX Entertainment and Univision, amongst others, also enables TPG to leverage its digital ecosystem for the benefit of portfolio companies such as Cirque.
The combined expertise and resources of the TPG-led investor group offer compelling opportunities to broaden the creative reach of Cirque for the benefit of all stakeholders, including:
The transaction is subject to customary closing conditions, and is expected to close in the third quarter 2015.Commitments to Q and Canada
As part of the transaction, the investors are committing to a comprehensive package of binding undertakings that will ensure that Montréal remains the creative and management international headquarters for Cirque du Soleil, including:
Nov 05, 2018 0Founded by Phil in 2002, The Hettema Group has gone on to...
Jun 01, 2018 0The number of visits to Expo 2023 Argentina Buenos Aires is...
Apr 04, 2018 0Projected opening for the new aquarium is 2019. The annual...
Mar 02, 2018 0"I brought a creative spirit that connected people, and an...